Join hosts John Bever and Jim Uren in episode 17 of The Year You Retire podcast as they tackle the crucial question: "Do I have to pay taxes on my Social Security income?" This episode dives deep into the intricacies of how the IRS handles Social Security in retirement, offering valuable insights on how to minimize or even eliminate these taxes. The duo also sheds light on the infamous "Social Security tax torpedo," explaining how it can significantly impact your tax bill and what you can do to avoid it.

Listen in for practical advice, historical trivia, and key strategies to navigate Social Security taxation and help get the most out of your Social Security income. Don’t miss the final episode of season one as John and Jim prepare for an exciting season two with more relevant and helpful information for your retirement planning journey.

In this episode, you will…

· Learn to Maximize Your Retirement Income by Understanding Social Security Taxation.

· Discover How to Navigate the Social Security Tax Torpedo and Keep More Money in Your Pocket.

· Learn Effective Strategies to Help Minimize Taxes and Get More Out of Your Retirement Nest Egg.

· Understand How Provisional Income Impacts Your Social Security Tax Bill in Retirement.

· Discover the Potential Benefits of Delaying Social Security Benefits to Help Manage Your Taxes.

The key moments in this episode are:

00:00:05 - Introduction to the Year You Retire Podcast

00:00:52 - Taxation of Social Security Income

00:01:09 - Understanding the Social Security Tax Torpedo

00:06:11 - Provisional Income and Tax Thresholds

00:12:10 - Observations and Planning Opportunities

00:15:35 - Understanding the Tax Code

00:16:54 - Tax Brackets and Marginal Tax Rate

00:18:07 – More on the Tax Torpedo

00:21:05 - Strategies to Minimize Taxes

00:27:43 - Gratitude Segment

00:30:39 - Accessing Show Notes and Transcripts

00:30:53 - Conclusion and Disclaimer

Disclosure:

The views expressed in this podcast are not necessarily the opinions of Phase 3 Advisory Services or Osaic Wealth, Inc. and should not be construed directly or indirectly as an offer to buy or sell any securities or services mentioned herein. Unless otherwise specified, show guests are not securities licensed or affiliated with Phase 3 Advisory Services or Osaic Wealth.

Investing is subject to risks, including loss of principal invested. Past performance is not a guarantee of future results. No strategy can assure profit nor protect against loss. Please note that individual situations can vary. Therefore, the information should only be relied upon when coordinated with individual professional advice.

Securities offered through Osaic Wealth, Inc. member FINRA/SIPC. Additional investment. and insurance advisory services offered through Phase 3 Advisory Services Limited, a Registered Investment Advisor.

Osaic Wealth is separately owned and other entities and or marketing names, products or services referenced here are independent of Osaic Wealth. Phase 3 Advisory Services is located at 1110 West Lake Cook Road, Suite 265 in Buffalo Grove, Illinois 60089. Our phone number is 847-520-5545. For additional information, visit our website at phase3advisory.com.

Are you feeling lost with the new required minimum distribution (RMD) rules for IRAs and qualified retirement plans? Do you know when you have to start taking your RMDs and how much you need to withdrawal? Do you want to discover strategies to reduce your taxes on these distributions? Tune in to this episode for clear explanations and actionable advice! We'll cover the essentials of RMD regulations, how to navigate your lifetime income tax brackets, the impact of the Social Security tax torpedo, and smart ways to minimize your lifetime income taxes. Plus, we’ll reveal our top recommendation for reducing taxes on your RMDs. Join CERTIFIED FINANCIAL PLANNER™ professionals, John Bever and Jim Uren, as they unpack these critical topics and share their best tips for maximizing your retirement savings. Don’t miss out on learning how to disinherit Uncle Sam and keep more of your hard-earned money!

In this episode you will:

· Master the basics of the new RMD requirements so you don’t get hit with costly penalties from the IRS.

· Maximize your retirement income by learning effective strategies to help reduce the taxes on your annual RMDs.

· Discover how to manage different tax brackets over your lifetime to help reduce your lifetime income tax costs.

· Explore the potential benefits of Roth IRA conversions and how they may be able to optimize your retirement income while minimizing taxes.

· Uncover the impact of Social Security on RMD taxation and how to navigate this aspect of retirement planning.

· Gain insights on planning for inherited IRAs and taxes to ensure a smooth transition for your beneficiaries.

The key moments in this episode are:

00:00:42 – Updates on the latest RMD Rules

00:03:10 - Understanding RMD Calculation Methods

00:08:02 - Optimizing RMDs for Tax Planning

00:14:01 - Strategies to Reduce Lifetime Taxes on RMDs

00:17:00 - Utilizing QCDs for Charitable Giving

00:18:51 - Delaying RMDs with QLACs

00:20:06 - Power of Roth Conversions

00:25:15 - Strategies for Inherited IRAs

00:27:57 - RMD Pitfalls to Avoid

00:29:27 - Planning for RMDs

00:30:41 - Optimizing Lifetime Tax Brackets

00:31:44 - Topic for the Next Podcast Episode

00:32:45 - Gratitude and Appreciation

Disclosure:

The views expressed in this podcast are not necessarily the opinions of Phase 3 Advisory Services or Osaic Wealth, Inc. and should not be construed directly or indirectly as an offer to buy or sell any securities or services mentioned herein. Unless otherwise specified, show guests are not securities licensed or affiliated with Phase 3 Advisory Services or Osaic Wealth.

Investing is subject to risks, including loss of principal invested. Past performance is not a guarantee of future results. No strategy can assure profit nor protect against loss. Please note that individual situations can vary. Therefore, the information should only be relied upon when coordinated with individual professional advice.

Securities offered through Osaic Wealth, Inc. member FINRA/SIPC. Additional investment.

and insurance advisory services offered through Phase 3 Advisory Services Limited, a Registered Investment Advisor.

Osaic Wealth is separately owned and other entities and or marketing names, products or services referenced here are independent of Osaic Wealth. Phase 3 Advisory Services is located at 1110 West Lake Cook Road, Suite 265 in Buffalo Grove, Illinois 60089. Our phone number is 847-520-5545. For additional information, visit our website at phase3advisory.com.

Did you know that paying off your mortgage before you retire might not always be your best move?

In this episode of The Year You Retire, Jim Uren and John Bever delve into the hot topic of whether to pay off your mortgage before retiring. They discuss the advantages of being mortgage-free, such as potential interest savings and improved cash flow, but also emphasize the liquidity risk and misunderstood historical fears associated with mortgages. They discuss the importance of considering individual financial goals, risk tolerance, and overall liquidity when making this decision. They also touch on the tax advantage of having a mortgage and strategies for paying off mortgages early.

If you want to be better prepared for the year you retire, this episode provides valuable insights into the considerations individuals should weigh when deciding whether to pay off their mortgage. Remember, there's no one-size-fits-all answer and your own circumstances should be carefully evaluated. If you're nearing retirement and own a home, this episode offers valuable insight into the decisions that lie ahead.

In this episode, you will:

• Learn the unusual perks of mortgage in the U.S. compared to other countries.
• Discover the pros and cons of an early mortgage payoff.
• Learn the potential tax advantages of keeping your mortgage in place.
• Explore effective strategies if you choose to pay off your mortgage early.
• Learn the personality type that might be best suited to a 15-year mortgage.

The key moments in this episode are:

00:00:42 – Topic Introduction

00:04:37 - Pros and Cons of Paying Off Your Mortgage Early

00:07:41 - Impact on Portfolio and Sequence of Return Risk

00:10:55 - Historical Fear of Mortgages and Current Market Conditions

00:15:19 - Importance of Liquidity and Unexpected Expenses

00:19:32 - Tax Implications of Paying Off Mortgage

00:21:09 - Factors to Consider in Paying Off Mortgage

00:23:48 - Ways to Pay Off Mortgage Early

00:25:55 - Final Tips and Considerations

00:27:50 – Coming Up on Our Next Episode

Disclosure:

The views expressed in this podcast are not necessarily the opinions of Phase 3 Advisory Services or Osaic Wealth, Inc. and should not be construed directly or indirectly as an offer to buy or sell any securities or services mentioned herein. Unless otherwise specified, show guests are not securities licensed or affiliated with Phase 3 Advisory Services or Osaic Wealth.

Investing is subject to risks, including loss of principal invested. Past performance is not a guarantee of future results. No strategy can assure profit nor protect against loss. Please note that individual situations can vary. Therefore, the information should only be relied upon when coordinated with individual professional advice.

Securities offered through Osaic Wealth, Inc. member FINRA/SIPC. Additional investment. and insurance advisory services offered through Phase 3 Advisory Services Limited, a Registered Investment Advisor.

Osaic Wealth is separately owned and other entities and or marketing names, products or services referenced here are independent of Osaic Wealth. Phase 3 Advisory Services is located at 1110 West Lake Cook Road, Suite 265 in Buffalo Grove, Illinois 60089. Our phone number is 847-520-5545. For additional information, visit our website at phase3advisory.com.